Allen v. Clayton
Supreme Court of Iowa
Appeal from Jefferson Circuit Court. This is an action in equity, and it was commenced in the district court. The petition states that in 1871 the Farmers’ and Merchants’ Bank of Bloomfield was incorporated, with an authorized capital of one hundred and fifty thousand dollars, which afterward, in 1874, was increased to two hundred thousand dollars; that said corporation was organized to engage in and carry on the business of banking, under chapter 52 of the Revision.
Read the full summary
Appeal from Jefferson Circuit Court. This is an action in equity, and it was commenced in the district court. The petition states that in 1871 the Farmers’ and Merchants’ Bank of Bloomfield was incorporated, with an authorized capital of one hundred and fifty thousand dollars, which afterward, in 1874, was increased to two hundred thousand dollars; that said corporation was organized to engage in and carry on the business of banking, under chapter 52 of the Revision. A copy of the articles of incorporation is attached to and made a part of the petition. It is further staled that said…
1Opinion of the CourtSeevers, J.
The first constitution was adopted in 1846, and it contained the following provisions: (See Art. 8.)
“Section 1. No corporate body shall hereafter be created, renewed or extended, with the privilege of making, issuing or pmtting in circulation any bill, check, ticket, certificate, promissory note, or other paper, or the paper of any bank, to circulate as money. The general assembly of this state shall prohibit by law any person or persons, association, company or corporation, from exercising the privileges of banking, or creating paper to circulate as money.
“Sec. 2. Corporations shall not be…
2Cases cited2 opinions
- Pape v. Capitol BankSupreme Court of Kansas · 1878
- People ex rel. Badger v. LœwenthalIllinois Supreme Court · 1879
3Cited by14 opinions
- Hunter v. Colfax Consolidated Coal Co.Supreme Court of Iowa · 1915
- Foster v. RowMichigan Supreme Court · 1899
- Swanson v. City of OttumwaSupreme Court of Iowa · 1902
- Edge v. BriceSupreme Court of Iowa · 1962
- Gaiser v. BuckIndiana Supreme Court · 1930
9 more not listed; retrieve them via the Exa API.